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NC Lawmakers Reach Compromise On HB2 Repeal, So Why Is Gov Cooper Stalling?

N.C. Realtors, the trade group representing real-estate agents, also praised the bill, saying it “believes this compromise is reasonable and protects all citizens of North Carolina.” “We are especially happy to see that specific language has been ...

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SunnyHigh 79FN winds shifting to W at 10 to 15 mph.. Tonight Mainly clearLow 59FWinds SSE at 5 to 10 mph. Updated: April 9, 2018 @ 4:53 am Full Forecast The Beach Reporter in the South Bay News Manhattan Beach Hermosa Beach Redondo Beach Crime/Courts Business Obituaries Sports Calendar Featured Events Submit An Event Entertainment Arts Books Dining Nightlife Movie Watch Astrology Opinion Submit a Letter Letters to the Editor Open Houses e-Edition Beach Reporter 2018 Beach Reporter 2017 Beach Reporter 2016 Beach Reporter 2015 Beach Reporter 2014 Beach Reporter 2013 Featured Print Ads Signup Find current week print version Media Photos Videos Contact Us About Us Find A Current Week Printed Edition Delivery Problems Advertise Media Kit Future of Raleigh Studios up in the air (2/12) By Cindy Yoshiyama Feb 12, 2004 (…) Facebook Twitter Email Facebook Twitter Email Print Save One of Manhattan Beach's top five tax revenue producers, Raleigh Studios, is up for sale and could be under new ownership as soon as next month, a representative for the studios' current owners confirmed this weekThis puts the studio's future as well as the economic impact to the city in question. Should the deal close in March as expected, the new owners will have the option whether or not to renew the studios' lease, which is due to expire in July. "It's simply a matter of us harvesting a profit on the studio," said George Buchler, president of Roy Disney's Shamrock Holdings real estate group, which owns the facility"It's a normal cycle of sellingWe've been here six years and with this group we're getting a price that's in our best interest." The studio, which has been home to television shows such as "Ally McBeal" and "The Practice," is currently in escrow. According to a Feb2 article in the Los Angeles Business Journal, Raleigh Enterprises, along with its Canadian partner, Ingenium Group, bid on a 44,000-square-foot Toronto sound stage in August 2003 that would include 12 additional sound stages and 400,000 square feet of office space. Although the partnering companies have put out a bid in Canada, Raleigh Studios President Michael Moore said that does not necessarily mean the Manhattan Beach studios will be shutting down. "We hope to be here for many years to come," Moore said Monday"Regardless of whom the ownership is, we hope to be here and if all goes well, then we willIt's not our desire to leave, but we'll see what happens." Raleigh Enterprises, which also owns Raleigh Studios in Hollywood, one of the industry's top independently run production studios, signed a five-year deal in 1998 to lease the 14-stage Manhattan Beach lot. According to the Los Angeles Business Journal article, falling local film production over the past year has forced the company to look at the 30-acre site in Canada as a more economically viable option. According to Moore, the Manhattan Beach studio has been meeting its targets, and that 100 percent of the stages have been occupied over the past year. "We had a desire to expand our operation," Moore said regarding the addition of the Manhattan Beach studio in 1998"We thought the Westside, the South Bay, would fulfill those goalsSo far it's been a good experience, so we hope to continueI think we've added a lot to the facility by being here." Although David EKelley Productions, one of the television companies subleasing from the studio, had two shows cancelled this season that were on the lot, Moore said the loss was not out of the ordinary. "It's not unusual for one out of six or seven shows on your block to get cancelled," Moore said"That's not a bad batting averageThat's part of the business cycleThe cycles in entertainment are shorter than mostIt's a different kind of business." Since the most recent cancellation of the television show "Boston Public," there are now four shows in production on the lot. In terms of revenue to the city, the studio generates approximately $250,000 in property taxes annually and $220,000 in business license tax. Those taxes go directly into the city's General Fund and pay for the new police and fire building as well as other expenditures such as parks and recreation projects. If the studio were to close shop, the impact would be tremendous to the city, Finance Director Bruce Moe said. "These days we rely on all of (the taxes)," Moe said"It would be a significant loss to the cityThere's an exponential effect to the other shops and restaurants in townWe saw a jump in hotel bed tax as they use the hotels and restaurants, there's a spillover effectI can't quantify it, but the studio has definitely added to the positive of those businesses." Moore emphasized no move is currently planned, but that the Toronto bid is part of the company's expansion goals. "We have been involved at some level on several studio projects or on concepts for studio projects around the world," Moore said"Sometimes we just talk to people and other times we choose to throw our hat in the ring if it makes sense, so, no, we're not moving to CanadaIf we move anywhere in the world, whether it's Canada or elsewhere, it's just part of our expansion goals." Facebook Twitter Email Print Save Load comments .fb_iframe_widget, .fb_iframe_widget span, .fb_iframe_widget span iframe[style]{ min-width:100%!important; width:100%!important; }

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